Binance responded to the SEC’s appeal, with key arguments including:

1. The SEC has no right to ask the court to intervene, because the SEC's mission is to enforce securities laws. 2. The requested legal aid does not match the violation. 3. The U.S. Securities and Exchange Commission is not yet sure which digital assets are securities. However, these arguments are considered to be very weak and Binance may face difficulties. Separately, the SEC’s chat with Binance’s head of compliance also hints at issues. One lawyer argued that the SEC’s complaint did not clearly show that BNB was an investment and did not meet the Howey test. Some predict a flood of criminal prosecutions and say CZ may soon be geo-restricted.